Bitdeer shares in a strong bear
Despite technological advances and the support of a major investor like Tether, Bitdeer shares (BTDR) are down over 50% since the beginning of the year. At the time of publication, the stock is trading at $10.48.
The negative trend could be linked to the volatility of the cryptocurrency market and the regulatory uncertainties that affect companies in the sector.
According to Christopher Calicott, managing director of TVP, the mining pool sector has been characterized for too long by an unclear fee system and excessive centralization.
With the new infrastructure offered by DMND, both large publicly traded operators and independent miners will be able to actively participate in the decentralization of the Bitcoin network.
Having thus full control over the construction of the blocks and receiving payments in a more equitable and transparent manner.
This initiative not only enhances the autonomy of the miners, but also marks a fundamental step in strengthening the integrity and security of the Bitcoin blockchain.
The reduction of costs
When the hashrate increases, the overall costs of mining also tend to increase.
But the cost of the hashrate can sometimes also decrease thanks to an increase in efficiency.
The Hashprice Index measures the cost of hashrate, understood as the operating cost of 1 Ph/s.
One Petahash per second (Ph/s) is one thousandth of an Exahash per second (Eh/s), which is the unit of measurement used to express the estimated value of the overall hashrate.
A year ago, the average cost of a Ph/s was even higher than 100$, but in May of last year, it dropped to 44$.
The advantages of Celo’s transition to Layer-2 and the role of Ethereum
Optimistic rollups represent one of the main solutions for blockchain scalability. This mechanism aggregates multiple transactions outside the main chain to reduce congestion and lower fees.
The operation is based on the assumption that all transactions are valid, unless they are challenged by a fraud proof.
According to Marek Olszewski, CEO of cLabs, the developer of Celo, the migration to the new infrastructure involves significant improvements.
He explained that Celo transactions now inherit the economic security and decentralization of Ethereum, in addition to offering one-second block times and almost instant confirmations.
This integration with Optimism technology greatly simplifies the code and optimizes network security.
Olszewski highlighted how the new configuration allowed for the elimination of approximately 365,000 lines of code, reducing the attack surface and contributing to a more efficient, rapid, and secure codebase.
One of the main reasons behind the decision to migrate to an Ethereum layer-2 is the possibility of leveraging the advantages derived from the network effects of the Ethereum blockchain.
The fondatore del protocollo di rollup Interstate, Irfan Shaik, highlighted that Ethereum offers the più grande pool di liquidità nel settore.
Blockchains that suffer from liquidity fragmentation, such as alternative layer-1s, can greatly benefit from connecting directly to Ethereum’s liquidity.
Olszewski also emphasized that the transition to the OP tech stack increases synergy with the Ethereum ecosystem, improving the composability between applications and protocols.
This means that Celo developers now have facilitated access to tools, resources, and established connections within the Ethereum universe.
A crucial aspect of the transition is the maintenance of Celo’s blockchain history, which covers almost five years of activity. Everything was carried out in a trustless manner, maintaining the integrity and reliability of the network.
Ethereum Blockchain in crisis?
Despite this, over time the real great success of Ethereum has been to enable the launch of many tokens on the crypto markets, starting from the ICO boom of 2018 and passing through the memecoin boom of 2021.
For example, SHIB of Shiba Inu was launched as a token on Ethereum.
Starting from 2023, however, Ethereum began to face competition from Solana from this point of view, so much so that now it is mainly on Solana that new tokens are launched.
The fact is that on Solana it is so much simpler, cheaper, and faster to launch a token that it has made this activity accessible to practically everyone. Ethereum, on the other hand, has fallen a bit behind in this regard.
The symbol of this handover was the launch of Donald Trump’s official token, on January 18 of this year, launched specifically on the Solana blockchain and not on that of Ethereum.
Despite this, the number of average daily transactions recorded on the Ethereum blockchain does not appear to be in decline.
During 2021, this number had settled well above the one million mark, and in 2023 it had settled around this level.
While Solana was stealing the role of leader of memecoins from Ethereum, between 2024 and 2025, the number of average daily transactions recorded on the latter blockchain rose first above 1.1 million, and then also above 1.2 million.
Not even with the downturn of 2025 has it returned to a million, so from a technical standpoint, the Ethereum blockchain does not seem to be in a bear market at all.
The purchases of Bitcoin by Blockchain Group
The first known purchase of BTC by the company dates back to November 2024, when it managed to buy 15.
In December, it had brought the number of Bitcoin held to 40, and until a few days ago, it had stopped there.
The by far main purchase is the one announced yesterday, which increases the number of BTC held from 40 to 620.
The average purchase cost is about $87,000, but obviously it is strongly influenced by having made it yesterday.
At this moment, it has a market capitalization of about 50 million dollars, compared to a value of BTC held of almost 54 million.
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The French company declares to adopt “BTC Yield“, “BTC Gain” and “BTC € Gain” as key performance indicators (KPI) for its strategy launched in November.
For now, it has achieved an annualized BTC Yield of about 710%, with an average annual increase of Bitcoin of about 284 BTC, and an annual increase in euros of about 23 million.
The purchases were made by issuing a convertible bond announced on March 6, 2025, as part of the acceleration of its Bitcoin Treasury Company strategy.
Therefore, the strategy is based on the issuance of debt securities to raise euros to be allocated for the purchase of BTC.
The goal, in fact, is solely to increase the number of BTC held per share, also because currently, with over 86 million shares in circulation, 620 BTC is not much.
Thanks to all this, Blockchain Group has become the first true European Bitcoin Treasury Company, after Strategy (formerly MicroStrategy) in the USA and Metaplanet in Japan.
The French company should not be confused with Blockchain.com, an American company that has nothing to do with Blockchain Group and that operates a famous crypto platform.
“To rigorously discuss the constitution of a sovereign reserve of bitcoin value is in the public interest and will be decisive for our prosperity. After all, bitcoin is digital gold, the gold of the internet.”
Not only that, Guerra also highlighted the characteristics of the cryptocurrency, such as its digital and deflationary scarcity, unlike government currencies, which can be printed and inflated.
Specifically, Guerra emphasized the value of Bitcoin as a transactional tool and as a store of value.
“It is a technology that allows us to transfer wealth from one end of the planet to the other with agility and to preserve the fruits of our labor efficiently and securely,”
The intervention of Guerra came during the inauguration ceremony of the new President of the FPBC (Fronte Parlamentare per il Brasile Competitivo).
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